IOT & Big Data
data itself isn’t interesting – what
businesses can do with it is.
The biggest value in harvesting
Big Data for businesses is the
increased level of insight that
can be garnered from analysing
the data; from greater insight
into customer experience to a
more detailed understanding of
historical trends.
The main
business benefits
The combination of huge amounts
of data, generated by thousands
upon thousands of devices across
almost every single industry, that
can be analysed in increasingly
real-time speeds means business
leaders have access to an
unprecedented level of insight like
never before.
Using this ecosystem to its full
potential, key business decisions
that would historically have
been made using gut instinct can
now be made based on tangible
empirical evidence. For example,
in retail, customer relationship
management is essential. Retail
bosses must know the best way
to target their customers with
relevant marketing material and
offers in order to avoid alienating
them and losing their business.
Historically, decisions around
these important business
questions would be made on little
to no evidence other than the
perceptions of those at the top
– with varying levels of success.
However, with Big Data being
harvested from the IoT, retailers
can create an exact picture of what
their customers like and dislike;
from understanding how they
best like to handle transactions
to where and how they like to be
targeted with promotional offers.
This means key business decisions
that can have a real impact on
bottom lines will be made on the
basis of tangible, specific and
relevant evidence.
‘The biggest
value in
harvesting
Big Data for
businesses
is the
increased
level of
insight
that can be
garnered
from
analysing
the data.’
In manufacturing industries,
analysing the data generated
by factory machines can save
companies up to thousands of
pounds. Studies have shown that
machine downtime can cost up
to £18,000 per machine in some
industries for every minute a
machine is out of work.
However, connecting
these machines to the IoT, and
harvesting the data they produce
means companies can analyse
trends and anticipate machine
failures before they happen.
Deep learning networks, such
as Oneserve Infinite, are then
able to schedule maintenance
automatically and assign the
right skilled engineer with the
relevant background knowledge
on what the fault is and how to fix
it. Theoretically, this will eliminate
machine downtime altogether,
saving huge amounts of money.
As the IoT and the deep
learning systems that analyse Big
Data become more advanced, the
potential they offer for businesses
will increase exponentially.
From significant cost savings to
presenting a greater insight into
customers than ever before, the
IoT-Big Data ecosystem provides
business leaders with an agility
that hasn’t been available until
now. Those companies who want
to get to the top of their industry
and stay there need to start
utilising IoT and Big Data now
before competitors beat them to
the finish line.
September 2017 | 43